Michael McGrath (Cork South Central, Fianna Fail)
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On the question of off-market sales, which I have raised with the agency previously, Mr. McDonagh referred to there being total sales approved of €10.5 billion, and through parliamentary questions it was revealed this relates to approximately 3,500 individual properties. Mr. McDonagh stated that since October 2011, NAMA policy has been that all properties should be openly marketed except in certain limited circumstances where this may not be practicable. Will Mr. McDonagh give us a sense of how frequently and in what percentage of cases off-market sales or private deals take place, where properties are not advertised and not put up for sale in the open market? NAMA states it is not the seller and that the debtor appoints a selling agent, but in reality NAMA calls all the shots and pulls the strings. It is the seller and the beneficiary of the proceeds so I do not accept this argument. Will Mr. McDonagh give us a sense of the level of activity in off-market sales and those with a proper public competitive bidding process?